LOANS, IVA AND DEBT MANAGEMENT INFORMATION LIBRARY

Whichwaytopay compares at least 10 of the top companies and brokers offering PayDay and Debt Consolidation Loans. Each loan is rated in a number of different categories to give a clear display of each loan's attributes so that, when you choose a loan by using Whichwaytopay, you make an informed decision.

As an independent company, our reviews are totally unbiased so that you get nothing but reliable and frank information.

Changes to the advertised APR from 1st Feb 2011

From 1st February 2011, the Consumer Credit Directive (CCD) takes effect. The CCD was created by the European Council in 2008 and is designed to provide more transparency in unsecured loan and credit card products. The way you will notice the change is where you see the APR listed next to a loan or credit card. Instead of ‘typical' APR, which you may have been familiar with, the rate shown will now be known as ‘representative' APR.

Typical APRwas the rate that at least two-thirds of borrowers would be offered (or 66%). Of course, the rate still varied according to the individual's personal circumstances and credit rating but it was the rate that the majority of applicants received.

Representative APR is the rate that only has to be offered to 51% of applicants. In other words, far fewer people will actually receive the rate that is advertised than before. As before, the rate you receive will depend on your personal circumstances. All secured loans (including mortgages) will continue to use typical APR. You will notice that wherever the APR is advertised, it will be accompanied by an example – this is useful and will provide information on the charges and other important elements of the loan or credit card.